Participants in a Genesis Global Capital Inc. lending program can proceed with securities claims against the defunct cryptocurrency brokerage’s parent company, Digital Currency Group Inc., and several executives, a federal court ruled.
The proposed class action sufficiently alleged the “Genesis Yield” program offered investments rather than commercial loans, putting them within the ambit of federal securities laws, Judge Stefan R. Underhill said Tuesday for the US District Court for the District of Connecticut.
The plaintiffs leading the suit adequately supported claims for offering and selling unregistered securities and for securities fraud, he said.
Members of the proposed class are owed ...
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